How to save for a down payment – fast!

How to save for a down payment on a house, fast!” via @RepMag.

“If you’ve been struggling to save money to put towards a down payment on a house, you’re not alone. With mortgage rates and the prices of homes skyrocketing all across the country, it’s not uncommon for first-time home buyers to borrow or be gifted a down payment from other sources, particularly their parents. Although there are other means of borrowing a down payment, such as a line of credit, a personal loan, or tapping into your savings, there’s no doubt that saving thousands of dollars yourself is both rewarding and tough.

The trouble is …

Where do you even start?

Here are some tips that can help you save for a down payment so you can buy a home and finally dip your toes in the waters of real estate…”

“Top six ways to start saving for a down payment so you can buy a house

1. Open a savings account

2. When do you want to buy a house?

3. Prioritize your goals

4. Pay off your debts

5. Put yourself on a strict budget

6. Work on the side, if you can

…Lastly, remember that when it comes to your savings for a house, a down payment isn’t the only expense. Expenses associated with closing on a house can be quite extensive, especially when it comes to appraisals, land transfer taxes, property taxes, moving costs, and lawyer fees. While you shouldn’t let this damper your plan to get into real estate, you should definitely take the time to map out realistic goals according to your specific financial situation. Take it step-by-step. This isn’t something that everyone can rush into, and that’s okay…”

To read the full article, click here.


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